Ghana has been crowned the global leader in mobile money regulation, according to the 2024 GSMA Mobile Money Regulatory Index (MMRI). Scoring an impressive 95.06%, Ghana surpassed its 2023 ranking of third place with a score of 92.56%, trailing behind Rwanda and Pakistan in the previous year.
This year, Ghana edged out Rwanda, which came in second with a score of 95%. Pakistan, the previous second-place holder, dropped to sixth with 92.81%, falling behind other nations such as Qatar (94.21%), Malawi (93.88%), and El Salvador (93.75%). Several other countries, including Brazil, Colombia, Iraq, Lesotho, Mexico, and Peru, also scored above 90%, reflecting a growing global effort to enhance mobile money frameworks.
The MMRI report commended Ghana for its commitment to advancing financial inclusion through innovative regulatory measures and infrastructure development. A key driver of Ghana’s success is the Mobile Money Interoperability (MMI) platform, developed by the Ghana Interbank Payments and Settlements Systems (GhIPSS). This platform has played a pivotal role in removing barriers to financial access, allowing seamless transactions between mobile money providers, banks, and fintech platforms.
The success of this platform has been instrumental in raising Ghana’s financial inclusion rate from below 70% in 2023 to an impressive 90% in 2024. This achievement has positioned Ghana as a model for other countries looking to expand access to financial services and foster economic empowerment, particularly in rural and underserved communities.
Ghana’s regulatory framework was particularly lauded for its high standards across key areas assessed by the GSMA Mobile Money Regulatory Index. The country achieved perfect scores in three critical categories: Transparency and Disclosure Requirements, Authorization, and Consumer Protection. Additionally, it scored above 90% in Integrity and Oversight of Operation, Organization, and Governance. While the Policy Enablement category scored slightly lower at 84%, it remains a strong performance compared to global averages.
The GSMA MMRI, established in 2018, is a comprehensive tool designed to assess the effectiveness of regulatory frameworks in supporting the growth and sustainability of mobile money services. The 2024 rankings evaluated 90 countries using 40 indicators grouped into six key areas:
- Transparency and Disclosure Requirements (15%)
- Authorization (25%)
- Consumer Protection (15%)
- Integrity (15%)
- Oversight of Operation, Organization, and Governance (15%)
- Policy Enablement (15%)
Ghana’s strong performance across these areas underscores its commitment to creating a secure, efficient, and consumer-friendly mobile money ecosystem. This dedication to excellence has not only enhanced the country’s financial sector but has also positioned it as a global leader in mobile money innovation.
Despite these remarkable achievements, the GSMA report raised concerns about the potential impact of certain consumer taxes on mobile money adoption and financial inclusion. Specifically, Ghana’s Electronic Transfer Levy (E-Levy) was cited as a factor that has reduced transaction volumes and values. While the E-Levy has contributed to government revenue, its unintended consequences on the growth of the mobile money sector warrant attention. The report urged policymakers to carefully balance revenue-generation efforts with the need to foster an enabling environment for mobile money services.
The introduction of the E-Levy, while aimed at broadening the tax base, has created mixed reactions among stakeholders. Consumers, especially those in low-income brackets, have expressed concerns about the additional costs associated with mobile money transactions. These concerns highlight the importance of creating tax policies that do not undermine the progress made in financial inclusion. Policymakers are encouraged to explore alternative strategies to ensure that taxes do not deter the use of mobile money services, which have become a lifeline for millions of Ghanaians.
The GSMA report also emphasized the need for continuous investment in infrastructure and innovation to sustain Ghana’s leadership position. With mobile money playing a critical role in driving economic growth and financial inclusion, Ghana’s experience offers valuable lessons for other nations. The country’s success demonstrates the importance of collaboration between regulators, industry players, and consumers in building a resilient and inclusive financial ecosystem.
One notable aspect of Ghana’s regulatory success is its focus on consumer protection. By prioritizing transparency and accountability, the country has built trust among users, ensuring that mobile money services remain accessible and reliable. This approach has not only increased adoption rates but has also empowered consumers to make informed financial decisions.
The GSMA Mobile Money Regulatory Index serves as a benchmark for countries aiming to enhance their financial systems. Ghana’s top ranking is a testament to years of strategic planning, investment, and collaboration. As mobile money continues to evolve as a key driver of economic development, Ghana’s leadership in this space sets a high standard for others to follow.
Looking ahead, Ghana must address challenges such as consumer taxes and adapt its regulatory framework to accommodate emerging trends and technologies. By doing so, the country can maintain its momentum and continue to lead the global charge in mobile money innovation. The success of the Mobile Money Interoperability platform and other regulatory initiatives provides a strong foundation for future growth, ensuring that financial services remain accessible to all citizens.
Ghana’s achievement in the 2024 GSMA Mobile Money Regulatory Index is not just a national milestone but also a source of inspiration for the global community. As countries seek to leverage mobile money to drive financial inclusion and economic empowerment, Ghana’s experience offers a roadmap for success.
